“Reactive Reality is the leading provider of technology for virtual try-on and virtual fashion image creation. The PICTOFiT platform enables fashion brands and retailers to seamlessly integrate virtual fitting rooms and photorealistic avatars into their websites, apps and brick-and-mortar retail solutions,” it says on the homepage. “For consumers, the platform creates photorealistic avatars of shoppers, enabling accurate sizing recommendations across brands. The avatars can be dressed interactively and offer unlimited outfit combinations and virtual background scenes. Retailers report a six-fold increase in sales by using PICTOFiT.”
It goes on to say: “PICTOFiT converts existing product photos into virtual assets using artificial intelligence (AI) to create virtual but photorealistic fashion images on models on demand. These assets can be used in multiple phases of the product lifecycle – including design, planning, visual merchandising and virtual try-on. The process is quick and easy to integrate and allows retailers to capture garments, accessories, shoes and bags in minutes.”
We’re talking about the Reactive Reality GmbH based in Graz. There is a lot of noise about her wealth AQUA based on a personal application Bankruptcy proceedings was opened at the regional court for ZRS Graz.
“Reactive Reality is headquartered in Graz, Austria, and employs over 30 people, including world-class engineers, technicians and scientists with extensive experience in AR, VR and AI. Reactive Reality’s existing customers include global fashion retailers such as Hugo Boss and Shopify. The company also has active partnerships with Microsoft and the London College of Fashion,” the homepage says.
The causes of bankruptcy
“Since the end of the Covid-19 pandemic, we have been confronted with massive declines in sales, primarily due to increased pressure on costs and margins. The company’s earnings situation has therefore deteriorated massively,” said the AKV. “After positive results were not expected in the near future, the majority shareholder (Atlan Group GmbH) instructed them to place the operational focus on the sale of shares in the company and to temporarily stop acquiring new customers. Liquidity should be secured through donations from the majority shareholder.” There are also takeover discussions with several strategic and institutional investors was ultimately not successful.
Debts and assets
Die liabilities are included according to the AKV around 3.45 million euros The largest creditors are development companies and credit institutions. The assets are estimated at around 250,000 euros.
The future
The company is to be sold.